Factory beef price gains wiped out

FACTORY beef prices are falling at double the rate they increased, with returns showing gains over almost two months being wiped out over the past three weeks.

The price drop continued at factories across the country last week with some showing a drop of 2p/lb in the average paid for R3 bullocks, while overall the national average price fell almost 1.5p/lb. R3 heifer prices dropped by over 2p/lb at the top of the trade, but the national average was down slightly less than the bullocks. Returns show the average paid for R3 bullocks fell to 98.6p/lb, with individual averages ranging from 102.6p/lb at Carrigans of Donegal Meats to under 97p/lb. Liffey's of Ballyjamesduff paid an average of 100p/lb, with Newgrange Meats, at Navan, Ashbourne Meats at Roscrea, Exel Meats, Kilbeggan, Duffys of Gort and Kepak at Watergrasshill paying between 99.1p/lb and 99.9p/lb.

AIBP Group of factories paid an average of 98.2p/lb compared to 99.7p/lb the previous week. The highest individual factory prices for the AIBP Group were 98.8p/lb at Nenagh and 98.6p/lb at Cahir. Dawn Group dropped from 99.1p/lb the previous week to an average of 97.8p/lb last week and Kepak Group were down 0.4p/lb at an average of 98.4p/lb.